Coconut Grove site trades for $20M

Bernardo Fort-Brescia
Bernardo Fort-Brescia

A company managed by Arquitectonica founding principal Bernardo Fort-Brescia acquired a three-property Coconut Grove site for $20 million, The Real Deal has learned.

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Fort-Brescia-managed Main Highway LLC picked up the 3401, 3405 and 3425 Main Highway properties on March 7, according to Miami-Dade County records. The county recorded the transaction Monday. The Miami-based seller, Sunny Investments, provided Main Highway with a $13 million mortgage as part of the transaction.

Three retail and mixed-use buildings totaling about 34,000 square feet are currently located on the site. Two of the buildings were constructed in 1986, while the third was built in 1954. The site’s current land use designation allows for mixed-use and residential development. — Eric Kalis